Marks for effort

The Bank of England boss deserves credit for trying. He has halved the policy rate, will resume asset purchases, and done his absolute best to limit the perverse effects of ultra-low rates. But the economic shock of Brexit is probably bigger than anything his toolbox can handle.

Context News

The Bank of England cut interest rates for the first time since 2009 on Aug. 4, lowering its main lending rate to a record low of 0.25 percent from 0.5 percent. It also said it would buy 60 billion pounds of government debt.

The UK central bank also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds, and another - potentially worth up to 100 billion pounds - to ensure banks keep lending.